美国金融监管的制度变迁及其对我国的启示

发布时间：2018-08-15 12:16

【摘要】：美国金融业长期处于世界金融业的核心地位,其金融监管制度也一直被奉为经典,被世界其他国家不同程度地借鉴。一段时期以来,美国金融监管部门主张尽量减少政府的干预,依靠资本自由流动活跃金融市场。然而,前几年的次贷危机暴露出美国金融监管制度的重大缺陷。针对这些缺陷,危机发生后的美国金融业和金融监管部门开始反思,推动了最新一轮具有里程碑意义的金融监管制度改革。对美国金融监管制度的历史变迁过程进行全面回顾和思考,有助于准确把握美国金融监管制度的现状及其存在的主要问题,深刻理解此轮美国金融监管制度变革的必要性及其内容,预示其产生的影响并从中得到有益的启示。本文从制度经济学的分析视角对美国金融监管制度的历史变迁进行了梳理和分析,从而得出美国金融监管制度变革呈现出监管强度和金融自由化强度交替变化的螺旋式上升状态的基本结论,这一螺旋式上升过程既有量的变化更有质的提升。根据美国金融机构在2002-2009年的相关数据,运用CAPM模型对美国金融系统的系统性风险进行测算。结果表明,在2002-2009年期间,美国金融机构反映系统性风险的μ1值整体上呈现U型变化状态,但在2007-2009年,美国金融业机构的系统性风险占比的平均值已经很高。短期内系统性风险的高度积聚表明美国过分强调了市场的监管理念,忽视了应有的监管对象,存在监管标准不一与监管主体交叉的不良后果。不完善的金融监管制度和2008年爆发的金融危机催生了代表美国新的金融监管制度的多德弗兰克法案的出台。这一新的法案重视金融业宏观审慎监管,强调金融稳定和对系统重要性金融机构的统一、综合监管,强调对衍生品和对冲基金的监管,成立全国性的保险监管机构,重视对金融消费者权利的保护,重新配置金融监管机构的权利,提升美联储的监管权利。美国新的金融监管理念将深刻影响美国金融业乃至全球金融业的发展走向。中国的金融监管可以从中得到有益的启示,坚持宏观审慎监管与微观审慎监管相结合,建立基于系统性风险防范的金融监管制度、金融监管机构协调机制和风险预警体制。
[Abstract]:American financial industry has been at the core of the world financial industry for a long time, and its financial supervision system has been regarded as a classic and used for reference by other countries in the world. For a period of time, U.S. financial regulators have advocated minimizing government intervention and relying on the free flow of capital to activate financial markets. However, the subprime mortgage crisis of previous years exposed the major defects of the financial supervision system in the United States. In response to these shortcomings, the post-crisis U.S. financial industry and financial regulators began to rethink, pushing forward the latest round of landmark financial regulatory reform. A comprehensive review and reflection on the historical changes of the financial supervision system in the United States will help us to grasp the current situation of the financial supervision system in the United States and its main problems. To understand deeply the necessity and content of the reform of American financial supervision system, to foreshadow its influence and to get beneficial enlightenment from it. This paper analyzes the historical changes of American financial supervision system from the perspective of institutional economics. The basic conclusion is that the change of American financial supervision system presents a spiral rising state of alternating intensity of supervision and financial liberalization, and this spiral process has not only a quantity of change but also a qualitative improvement. According to the relevant data of American financial institutions from 2002 to 2009, CAPM model is used to measure the systemic risk of American financial system. The results show that during 2002-2009, the 渭 1 value of US financial institutions reflected systemic risk showed a U-shaped change state as a whole, but in 2007-2009, the average value of systemic risk of financial institutions in the United States was already very high. The high accumulation of systemic risk in the short term indicates that the United States overemphasizes the idea of market regulation, neglects the object of supervision, and has the adverse consequences of the different regulatory standards and the subject of supervision. The imperfect financial supervision system and the financial crisis in 2008 gave birth to the Dode Frank Act, which represents the new financial supervision system in the United States. This new bill attaches importance to macro-prudential supervision of the financial sector, emphasizes financial stability and unification of systemically important financial institutions, comprehensive supervision, supervision of derivatives and hedge funds, and the establishment of a national insurance regulatory agency. Focus on the protection of the rights of financial consumers, reconfigure the rights of financial regulators, and enhance the regulatory rights of the Federal Reserve. The new concept of American financial supervision will deeply influence the development trend of American financial industry and even the global financial industry. China's financial supervision can get beneficial inspiration, insist on the combination of macro-prudential supervision and micro-prudential supervision, establish a financial supervision system based on systemic risk prevention, financial regulatory institutions coordination mechanism and risk early warning system.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.1;F837.12

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